Japan Inc symbol JAL set to file for bankruptcy | Reuters
Factbox: JAL restructuring plan under state-backed fund | ReutersJAL, Asia's largest airline by revenues, will remain in the skies under a state-backed restructuring plan as it tries to free itself from about $16 billion in debt in exchange for slashing its workforce by a third and shedding unprofitable routes, sources have said.
It actually surprises me they've been bailed out multiple times before. I've used JAL for both of my trips to Japan. Pleasant experiences every time (pleasant stewardesses too ).The ETIC (Enterprise Turnaround Initiative Corp of Japan) said JAL companies are carrying about 780 billion yen ($8.6 billion) of interest-bearing debt, excessive relative to its earnings capacity. It said the carrier is operating too many routes and aircraft, and that management has been unable to take decisive action, resulting in excessive fixed costs.
The stewardesses are very cute indeed. But it doesn't surprise me too much that they need a bail out. With the economy going south there as well. Plus they are probably mismanaged do to the fact that, let's admit it, they have a reputation for being corrupt as hell.
Funny story: when I was flying into Okinawa a woman I in the row next to me to me joked that they were dolls and wanted to take one home. I thought that was hilarious.